Ascending Scallop Chart Pattern – School
What is the Ascending Scallop?
The Ascending Scallop is a multiple candlestick chart pattern that indicates that a bullish continuation is taking place. This pattern forms close to the peak of an uptrend in the market.
- An ascending scallop pattern is a bullish continuation pattern.
- Ascending Scallop consists of multiple candlesticks
Understanding the Ascending Scallop
The Ascending Scallop is a candlestick pattern that consists of multiple candlesticks. The first candlestick is bullish and indicates that the market is in an uptrend. The next few candlesticks reveal a slight market retracement before climbing back up into another bullish candlestick. This slight retracement forms the shape of a scallop and is where this pattern got its name.
How To Trade The Ascending Scallop
Open buy position when price break upper horizontal line (red doted upper line)
Stop lose – place your stop lose below the pattern.
The most similar, actually it is just opposite pattern is Descending Scallop